Colder than a polar bear in a freezer?

For many tenants, the picture of winter is looking bleak as they stare down the barrel of high energy bills, cold mornings and battling mould in their rental property, yet the government have subsidies in place to support landlords in insulating their property.

There can be no excuse for cold, dark and damp rental properties anymore.

The looming deadline of July 2019 is sure to whip some landlords into shape, but there are still landlords out there blissfully unaware as to their obligations, and what these legislations will mean for them. 📅

Hotly contested in the recent election, the standards for rental properties have come under scrutiny and the amendments to the Residential Tenancies Act seek to improve the quality of property for tenants in New Zealand.

As far as insulation goes, this now means that every single rented property must come with a insulation statement detailing the type of insulation, its thickness or ‘R’ value and its condition. This has been active in law since 1st July 2016.

Landlords must also have upgraded or satisfied the compliance standards by 1st July 2019 to insulate the property. Wellington, as part of ‘Zone 2’ has requirements to insulate to ‘R’ value 2.9 in the ceiling and 1.3 underfloor.

Failure to ensure that your property meets the required standard could result in exemplary damages payable by the landlord of up to $4,000 per property. 💸💸

There are many industry experts available to provide insulation reports on your property and a majority of property management companies should have someone that they are working with in this field who will be able to support you and your investment property.

The benefits of insulating a property are huge.

For tenants, it allows them to live in a warmer, dryer and safer property. ☀️

Heating bills will be reduced for them and they will be more comfortable when relaxing in their property, allowing them to enjoy their home more.

Warmer and dryer homes are a breeding ground for longer tenures and this minimises your vacancy periods – only a benefit for you as the investor in the long run. Not only does insulation provide a better quality of living for your tenant, but it also protects your investment.

Having a warmer and dryer home will stop mould and moisture developing in the property. 💧

Mould and damp can cause huge problems with the integrity of the property and can be very difficult to remedy once established in the home.

By insulating now, you will save your time, effort and potentially significant costs further down the line. Protecting your investment should be your number one priority.

Tenants are also happier to pay a little extra for superior quality housing.

While there are still a large numbers of rental properties that are uninsulated, standing out from the crowd with a warm and dry home will attract high numbers of tenants to you. 🙋🙋

So what are Tommy’s doing to help? Until 1st March 2018, Tommy’s will pay for half of either the floor or ceiling insulation your rental property requires. Of course, terms and conditions apply, but this is our effort to help landlords comply with regulations sooner and to ensure that tenants around our city are being provided with top quality rental property.

We are hoping to lead the charge in improving the quality, and value, of rental property around Wellington to benefit tenants and landlords alike. If you would like to find out more about this, visit our website or give us a call anytime!

The benefits of insulating your property then clearly outweigh the initial cost of insulating.

A better protected rental property able to achieve higher rents, longer tenures due to happier tenants and complying with the new legislation are really just the beginning. 🏠💰

If you or anyone you know has any questions around insulation in rental properties, please feel free to give us a call absolutely anytime on 04 979 6363 or visit our website www.tommysrentals.co.nz